http://www.legislation.gov.uk/ukpga/2005/5/section/23LIncome Tax (Trading and Other Income) Act 2005An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.texttext/xmlenStatute Law Database2026-05-08Expert Participation2026-04-06 Income Tax (Trading and Other Income) Act 2005s. 168(6)(e) and wordPlanning (Consequential Provisions) (Wales) Act 2026Deddf Cynllunio (Darpariaethau Canlyniadol) (Cymru) 2026Sch. 2 para. 370(b)Sch. 5 Pt. 1s. 5(2)Income Tax (Trading and Other Income) Act 2005s. 744(1)(k)The Income Tax (Exemption of Kinship Allowance Payments in Kinship Zones) Order 2026reg. 2(a)(ii)art. 1 Part 2Chapter 223L1This section applies where—athe individual referred to in section 23I(1)(a)has died, andbas a result, one or more sums that would have been sums of carried interest arising to the individual from an investment scheme under the arrangements arise instead to another person in a tax year.2For the purposes of sections 23I and 23K—athe sums are treated as if they had arisen to the individual in the tax year in which they arose to the other person,bthe other person is treated as carrying on the trade under section 23I for that tax year (instead of the individual), andcthe other person is treated as the person receiving or entitled to the profits of that trade.Ss. 23I-23R and cross-heading inserted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(2)(6)